MSRB Notice 2013-08: Proposed Rule Change to Consents Regarding Changes in Bond Authorizing Documents

MSRB filed a proposed rule change with the SEC to amend Rule G-11 ("Primary Offering Practices"). The proposed rule amendment would prohibit, with carefully defined exceptions, broker-dealers and municipal securities dealers from providing consents to changes in a bond authorizing document. Additionally, the proposed rule change would enhance protections for existing owners of bonds by prohibiting changes to authorizing documents consented to by a dealer in lieu of bond owners.

See: Text of Proposed Rule Change.See also: MSRB Releases Report on Municipal Bond Continuing Disclosure Documents (July 10, 2013).